Co-op Bank discontinues sale process

26 June 2017, 07:49

Source - SMW

The Co-operative Bank's board has decided to discontinue the formal sale process.
The bank announced on 19 June that it was in advanced discussions with a group of existing investors and it said these had continued with a view to a prospective equity capital raise and recapitalisation.
The bank said the proposal, if implemented, would enable it to meet the longer term capital requirements applicable to all UK banks - thereby meeting the objective the bank set at the start of the process - and to continue as a stand-alone entity.
It said the proposal would also safeguard the bank's values and ethics.

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